SABMiller net nudges up despite currency headwinds

PeterEvans

LONDON-- SABMiller PLC on Thursday said its strength in developing markets such as Africa and Latin America had held up in the past 12 months, despite ongoing weakness in Europe and North America, as it reported a slight increase in full-year profit.

Net profit for the year to March 31 was $3.38 billion, compared with $3.25 billion a year earlier, on revenue broadly flat at $22.31 billion.

Like other big companies, SABMiller has been affected by currency devaluations in emerging markets. The brewer said the full-year impact of this trend on earnings before interest, tax and amortization was $400 million.

The maker of Miller Genuine Draft and Peroni Nastro Azzuro said it expected trading conditions to stay broadly unchanged for the year ahead, adding that it would seek to increase prices across a number of its markets.

"We have produced a resilient performance in the face of a number of headwinds," said Chief Executive Alan Clark.

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